The two officials spoke on condition of anonymity because they were not authorized to discuss the matter. One of the officials said the deal would be submitted to Congress for approval soon.
The State Department declined to comment.
The deal would allow the two countries to exchange nuclear energy technology, engage in joint commercial nuclear power ventures and collaborate on nonproliferation goals. Coming on the heels of the nuclear arms reduction treaty that Obama and Russian President Dmitry Medvedev signed last month, it's the latest indication of Obama's attempts to reset relations with Russia.
Bush had submitted the deal to Capitol Hill in 2008 but withdrew it after Russia invaded its tiny, West-leaning neighbor, citing Russia's actions toward Georgia in his formal notice to Congress.